11th Feb 2016 07:00
Metal Tiger Plc
11 February 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Botswana Progress Update & Drilling Commencement
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update with regard to its investing activities in Botswana and notably progress achieved in country with regard to licence transfer approvals and the commencement of drilling operations by our partners MOD Resources (ASX:MOD).
Readers wishing to understand the background to Metal Tiger's interests in Botswana are advised to review our announcement on 16 December 2015 confirming the acquisition of licence interests. This announcement can be viewed through the following link:
http://www.metaltigerplc.com/index.php/investors/latest-news/418-botswana-kalahari-copper-belt-licences-acquired-20151216t0700
Highlights:
Ministerial consent received to transfer ownership of DMI licences to Tshukudu Metals Botswana (Pty) Ltd, owned by MOD (70%) and Metal Tiger Plc (30%);All 14 DMI licences with a total area of approximately 6,300km2 in the central and western part of the Kalahari Copper Belt have been extended to 31 December 2016;Confirmation of the licence extensions enables drilling to proceed on a range of high priority targets. Application for renewal of key DMI licences is expected later in 2016;MOD and Metal Tiger to commence initial drilling of copper/silver targets starting next week.
Paul Johnson, Chief Executive Officer of Metal Tiger said "we are delighted to see the rapid progress being achieved in Botswana by our partners MOD Resources. The acquisition of highly prospective interests is an important step in the value creation process, but the real test is the extent of mineralisation as determined by properly evaluating the ground and drilling.
With drilling to commence next week and with the soil sampling process ongoing we will begin to discover the true potential of our interests in Botswana. We expect news updates to flow to market as and when results are received and interpreted.
This is an exciting time for both MOD Resources and Metal Tiger. With MOD Resources longstanding experience on the ground, and with the information available to us with regard to our licence interests, we look to the future in Botswana with optimism and underlying confidence."
Botswana General Update:
The Board of Metal Tiger is pleased to announce that formal transfer of 14 prospecting licences acquired as part of Discovery Mines (Pty) Ltd (DMI) has been approved by the Minister for Minerals, Energy and Water Resources, Botswana. The Minister has also approved extensions to all 14 DMI licences in the area of MOD's high grade Mahumo Cu/Ag deposit and in the wider Ghanzi region.
Metal Tiger and MOD Resources have planned a staged, six month drilling program (Phase 1) to test high priority exploration targets in the Mahumo area and the potential for resource extensions at Mahumo onto adjacent DMI and MOD licences.
The initial RC drilling program is due to commence next week and will be operated from MOD's office and warehouse facility at Ghanzi. Targets include areas where high grade Cu/Ag mineralisation has already been intersected in previous widely spaced drilling, and untested surface Cu anomalies associated with favourable structural settings interpreted from airborne magnetic data. Recent evaluation of historical DMI data by MOD's geological team has highlighted the potential of the targets identified to date.
MOD and MTR are also awaiting first assay results from the on-going soil sampling campaign to infill and confirm a number of extensive surface copper anomalies on DMI licences. MOD will provide an update on these assay results once they are received and interpreted.
For further information on the Company, visit: www.metaltigerplc.com:
Paul Johnson (Chief Executive Officer) |
| Tel: +44 (0)7766 465 617 |
Terry Grammer (Non- Executive Chairman) |
| Tel: +44 (0)207 099 0738 |
Sean Wyndham-Quin Neil Baldwin Nick Emerson Andy Thacker | Spark Advisory Partners Limited (Nominated Adviser) SI Capital (Sole Broker)
| Tel: +44 (0) 2033 683 555 www.sparkadvisorypartners.com Tel: +44 (0) 1483 413 500 |
Notes to Editors:
Metal Tiger plc is a natural resources focused investing company quoted on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and two investment divisions, Direct Projects and Direct Equities.
The Direct Projects division invests in mineral exploration projects operated by trusted partners on the ground. Projects are selected for their strategic significance in terms of commodity, location and commerciality factors. Key strategic investments to date include Spanish Gold & Tungsten, Thai Gold, Copper & Antimony, and Botswanan Copper & Silver.
The Direct Equities division invests in quoted natural resource explorers and developers, with a combination of shares and warrants and seeks generate trading profits for reinvestment into the Direct Projects division.
Metal Tiger's target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide where possible, with a cyclical recovery in the exploration and mining markets.
Related Shares:
MTR.L